New Risk • May 01
New major risk - Revenue and earnings growth Earnings have declined by 0.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.8% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.6% net profit margin). Announcement • Apr 30
Nippon Seisen Co.,Ltd., Annual General Meeting, Jun 26, 2026 Nippon Seisen Co.,Ltd., Annual General Meeting, Jun 26, 2026. Announcement • Apr 21
Nippon Seisen Co.,Ltd. to Report Fiscal Year 2026 Results on Apr 30, 2026 Nippon Seisen Co.,Ltd. announced that they will report fiscal year 2026 results on Apr 30, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥26.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.2%). Reported Earnings • Jan 29
Third quarter 2026 earnings released: EPS: JP¥21.20 (vs JP¥27.97 in 3Q 2025) Third quarter 2026 results: EPS: JP¥21.20 (down from JP¥27.97 in 3Q 2025). Revenue: JP¥12.2b (flat on 3Q 2025). Net income: JP¥651.0m (down 24% from 3Q 2025). Profit margin: 5.3% (down from 7.1% in 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Declared Dividend • Dec 04
First half dividend of JP¥26.00 announced Shareholders will receive a dividend of JP¥26.00. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 3.7%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (53% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 10% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 30
Second quarter 2026 earnings released: EPS: JP¥19.11 (vs JP¥25.50 in 2Q 2025) Second quarter 2026 results: EPS: JP¥19.11 (down from JP¥25.50 in 2Q 2025). Revenue: JP¥11.2b (down 5.3% from 2Q 2025). Net income: JP¥587.0m (down 25% from 2Q 2025). Profit margin: 5.2% (down from 6.6% in 2Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 03 December 2025. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.5%). Reported Earnings • Jul 27
First quarter 2026 earnings released: EPS: JP¥10.27 (vs JP¥26.96 in 1Q 2025) First quarter 2026 results: EPS: JP¥10.27 (down from JP¥26.96 in 1Q 2025). Revenue: JP¥11.3b (down 2.3% from 1Q 2025). Net income: JP¥315.0m (down 62% from 1Q 2025). Profit margin: 2.8% (down from 7.2% in 1Q 2025). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Declared Dividend • Jul 09
Final dividend of JP¥16.00 announced Shareholders will receive a dividend of JP¥16.00. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 4.0%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Board Change • Jul 05
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 2 experienced directors. No highly experienced directors. Outside Audit & Supervisory Board Member Tadashi Hasegawa is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Jun 27
Full year 2025 earnings released: EPS: JP¥106 (vs JP¥84.52 in FY 2024) Full year 2025 results: EPS: JP¥106 (up from JP¥84.52 in FY 2024). Revenue: JP¥46.7b (up 4.5% from FY 2024). Net income: JP¥3.25b (up 25% from FY 2024). Profit margin: 7.0% (up from 5.8% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jun 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to JP¥1,105. The fair value is estimated to be JP¥1,402, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Reported Earnings • Apr 29
Full year 2025 earnings released: EPS: JP¥106 (vs JP¥84.52 in FY 2024) Full year 2025 results: EPS: JP¥106 (up from JP¥84.52 in FY 2024). Revenue: JP¥46.7b (up 4.5% from FY 2024). Net income: JP¥3.25b (up 25% from FY 2024). Profit margin: 7.0% (up from 5.8% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Apr 28
Nippon Seisen Co.,Ltd., Annual General Meeting, Jun 27, 2025 Nippon Seisen Co.,Ltd., Annual General Meeting, Jun 27, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥1,002, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 10x in the Electrical industry in Japan. Total returns to shareholders of 36% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥28.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.9%). Buy Or Sell Opportunity • Mar 21
Now 21% undervalued Over the last 90 days, the stock has risen 6.1% to JP¥1,369. The fair value is estimated to be JP¥1,724, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.1%. Reported Earnings • Jan 31
Third quarter 2025 earnings released: EPS: JP¥27.97 (vs JP¥16.01 in 3Q 2024) Third quarter 2025 results: EPS: JP¥27.97 (up from JP¥16.01 in 3Q 2024). Revenue: JP¥12.1b (up 6.3% from 3Q 2024). Net income: JP¥858.0m (up 75% from 3Q 2024). Profit margin: 7.1% (up from 4.3% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Declared Dividend • Dec 04
First half dividend of JP¥28.00 announced Shareholders will receive a dividend of JP¥28.00. Ex-date: 28th March 2025 Payment date: 30th June 2025 Dividend yield will be 4.4%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is not covered by earnings (195% earnings payout ratio). However, it is covered by cash flows (54% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 116% to bring the payout ratio under control, which is more than the 13% EPS growth achieved over the last 5 years. Reported Earnings • Oct 31
Second quarter 2025 earnings released: EPS: JP¥25.50 (vs JP¥17.25 in 2Q 2024) Second quarter 2025 results: EPS: JP¥25.50 (up from JP¥17.25 in 2Q 2024). Revenue: JP¥11.8b (up 8.1% from 2Q 2024). Net income: JP¥782.0m (up 48% from 2Q 2024). Profit margin: 6.6% (up from 4.8% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥23.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥970, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 11x in the Electrical industry in Japan. Total returns to shareholders of 9.0% over the past three years. Reported Earnings • Jul 28
First quarter 2025 earnings released: EPS: JP¥26.96 (vs JP¥22.57 in 1Q 2024) First quarter 2025 results: EPS: JP¥26.96 (up from JP¥22.57 in 1Q 2024). Revenue: JP¥11.5b (up 6.8% from 1Q 2024). Net income: JP¥827.0m (up 20% from 1Q 2024). Profit margin: 7.2% (up from 6.4% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Declared Dividend • Jul 11
Final dividend of JP¥23.00 announced Shareholders will receive a dividend of JP¥23.00. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 10%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (69% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Buy Or Sell Opportunity • Jul 05
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at JP¥1,229. The fair value is estimated to be JP¥1,557, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years, while earnings per share has been flat. Announcement • Jun 28
Nippon Seisen Co.,Ltd. to Report Q1, 2025 Results on Jul 26, 2024 Nippon Seisen Co.,Ltd. announced that they will report Q1, 2025 results on Jul 26, 2024 Buy Or Sell Opportunity • Jun 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.4% to JP¥1,218. The fair value is estimated to be JP¥1,532, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years, while earnings per share has been flat. Reported Earnings • May 01
Full year 2024 earnings released: EPS: JP¥423 (vs JP¥101 in FY 2023) Full year 2024 results: EPS: JP¥423. Revenue: JP¥44.7b (down 8.8% from FY 2023). Net income: JP¥2.59b (down 16% from FY 2023). Profit margin: 5.8% (down from 6.3% in FY 2023). The decrease in margin was driven by lower revenue. New Risk • Apr 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 33x cash flows per share). Share price has been volatile over the past 3 months (7.0% average weekly change). Announcement • Apr 29
Nippon Seisen Co.,Ltd., Annual General Meeting, Jun 27, 2024 Nippon Seisen Co.,Ltd., Annual General Meeting, Jun 27, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥105 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 54% but the company is paying out more than the cash it is generating. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.8%). Announcement • Mar 17
Nippon Seisen Co.,Ltd. to Report Fiscal Year 2024 Results on Apr 26, 2024 Nippon Seisen Co.,Ltd. announced that they will report fiscal year 2024 results on Apr 26, 2024 Announcement • Feb 02
Nippon Seisen Co., Ltd. Provides Dividend Guidance for the Year Ending March 31, 2024 Nippon Seisen Co. Ltd. provides dividend guidance for the year ending March 31, 2024. The company expects to pay dividend of JPY 105 as against JPY 105 a year ago. Reported Earnings • Feb 01
Third quarter 2024 earnings released: EPS: JP¥80.05 (vs JP¥165 in 3Q 2023) Third quarter 2024 results: EPS: JP¥80.05 (down from JP¥165 in 3Q 2023). Revenue: JP¥11.4b (down 8.9% from 3Q 2023). Net income: JP¥491.0m (down 52% from 3Q 2023). Profit margin: 4.3% (down from 8.1% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Oct 30
Second quarter 2024 earnings released: EPS: JP¥86.24 (vs JP¥39.14 in 2Q 2023) Second quarter 2024 results: EPS: JP¥86.24 (up from JP¥39.14 in 2Q 2023). Revenue: JP¥10.9b (down 12% from 2Q 2023). Net income: JP¥529.0m (up 120% from 2Q 2023). Profit margin: 4.8% (up from 1.9% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 15% per year. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥105 per share at 4.3% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 05 December 2023. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.9%). Announcement • Aug 27
Nippon Seisen Co.,Ltd. to Report Q3, 2024 Results on Jan 30, 2024 Nippon Seisen Co.,Ltd. announced that they will report Q3, 2024 results on Jan 30, 2024 Announcement • Aug 02
Nippon Seisen Co.,Ltd. Provides Consolidated Earnings Guidance for the Six Months Ending September 30, 2023 and Year Ending March 31, 2024 Nippon Seisen Co.,Ltd. provided consolidated earnings guidance for the six months ending September 30, 2023 and year ending March 31, 2024. For the six months, the company expects net sales of JPY 22,500 million, Operating profit of JPY 1,900 million, Profit attributable to owners of parent of JPY 1,330 million or earnings per share of JPY 216.87.For the year, the company expects net sales of JPY 47,500 million, Operating profit of JPY 3,800 million, Profit attributable to owners of parent of JPY 2,660 million or earnings per share of JPY 433.73. Reported Earnings • Jul 28
First quarter 2024 earnings released: EPS: JP¥113 (vs JP¥192 in 1Q 2023) First quarter 2024 results: EPS: JP¥113 (down from JP¥192 in 1Q 2023). Revenue: JP¥10.8b (down 12% from 1Q 2023). Net income: JP¥692.0m (down 41% from 1Q 2023). Profit margin: 6.4% (down from 9.6% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 17% per year. Announcement • Jun 29
Nippon Seisen Co.,Ltd. to Report Q1, 2024 Results on Jul 27, 2023 Nippon Seisen Co.,Ltd. announced that they will report Q1, 2024 results on Jul 27, 2023 Reported Earnings • Apr 29
Full year 2023 earnings released: EPS: JP¥503 (vs JP¥518 in FY 2022) Full year 2023 results: EPS: JP¥503 (down from JP¥518 in FY 2022). Revenue: JP¥49.1b (up 9.5% from FY 2022). Net income: JP¥3.09b (down 2.9% from FY 2022). Profit margin: 6.3% (down from 7.1% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥105 per share at 4.6% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 4.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.0%). Reported Earnings • Jan 28
Third quarter 2023 earnings released: EPS: JP¥165 (vs JP¥151 in 3Q 2022) Third quarter 2023 results: EPS: JP¥165 (up from JP¥151 in 3Q 2022). Revenue: JP¥12.5b (up 8.8% from 3Q 2022). Net income: JP¥1.01b (up 9.0% from 3Q 2022). Profit margin: 8.1% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Outside Director Masaaki Takizawa was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Nov 02
Nippon Seisen Co.,Ltd. Provides Consolidated Earnings Forecast for the Full Year of Fiscal Year Ending March 31, 2023 Nippon Seisen Co.,Ltd. provided consolidated earnings forecast for the full year of fiscal year ending March 31, 2023. For the full year, the company expected net sales to be JPY 48,500 million, Operating profit to be JPY 4,400 million, Profit attributable to owners of parent to be JPY 3,080 million and earnings per share to be JPY 502.20. Reported Earnings • Oct 28
Second quarter 2023 earnings released: EPS: JP¥39.13 (vs JP¥134 in 2Q 2022) Second quarter 2023 results: EPS: JP¥39.13 (down from JP¥134 in 2Q 2022). Revenue: JP¥12.5b (up 16% from 2Q 2022). Net income: JP¥240.0m (down 71% from 2Q 2022). Profit margin: 1.9% (down from 7.7% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥105 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 07 December 2022. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 4.4%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.9%). Announcement • Jul 31
Nippon Seisen Co.,Ltd. to Report Q2, 2023 Results on Oct 27, 2022 Nippon Seisen Co.,Ltd. announced that they will report Q2, 2023 results on Oct 27, 2022 Reported Earnings • Jul 30
First quarter 2023 earnings released: EPS: JP¥192 (vs JP¥149 in 1Q 2022) First quarter 2023 results: EPS: JP¥192 (up from JP¥149 in 1Q 2022). Revenue: JP¥12.2b (up 15% from 1Q 2022). Net income: JP¥1.18b (up 28% from 1Q 2022). Profit margin: 9.6% (up from 8.6% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 30
Full year 2022 earnings released: EPS: JP¥518 (vs JP¥298 in FY 2021) Full year 2022 results: EPS: JP¥518 (up from JP¥298 in FY 2021). Revenue: JP¥44.8b (up 31% from FY 2021). Net income: JP¥3.18b (up 74% from FY 2021). Profit margin: 7.1% (up from 5.4% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 2 highly experienced directors. 1 independent director (6 non-independent directors). External Director Takeshi Hanai was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 13
Nippon Seisen Co.,Ltd. to Report Q1, 2022 Results on Jul 28, 2022 Nippon Seisen Co.,Ltd. announced that they will report Q1, 2022 results on Jul 28, 2022 Announcement • Apr 08
Nippon Seisen Co.,Ltd. to Report Fiscal Year 2022 Results on Apr 27, 2022 Nippon Seisen Co.,Ltd. announced that they will report fiscal year 2022 results on Apr 27, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.7%). Announcement • Feb 02
Nippon Seisen Co.,Ltd. Provides Earnings Guidance for the Year Ending March 31, 2022 Nippon Seisen Co.,Ltd. provided earnings guidance for the year ending March 31, 2022. For the year, the company expects net sales of JPY 42,000 million, operating profit of JPY 4,200 million, Profit attributable to owners of parent of JPY 2,940 million or earnings per share of JPY 479.36. Reported Earnings • Jan 30
Third quarter 2022 earnings: Revenues in line with analyst expectations Third quarter 2022 results: Revenue: JP¥11.5b (up 33% from 3Q 2021). Net income: JP¥929.0m (up 93% from 3Q 2021). Profit margin: 8.1% (up from 5.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 28
Second quarter 2022 earnings released: EPS JP¥134 (vs JP¥51.53 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥10.8b (up 50% from 2Q 2021). Net income: JP¥824.0m (up 161% from 2Q 2021). Profit margin: 7.7% (up from 4.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 07 December 2021. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.2%). Reported Earnings • Jul 27
First quarter 2022 earnings released: EPS JP¥149 (vs JP¥67.83 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥10.6b (up 30% from 1Q 2021). Net income: JP¥916.0m (up 120% from 1Q 2021). Profit margin: 8.6% (up from 5.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Apr 30
Full year 2021 earnings released: EPS JP¥298 (vs JP¥227 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥34.1b (down 2.3% from FY 2020). Net income: JP¥1.83b (up 31% from FY 2020). Profit margin: 5.4% (up from 4.0% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.2%). Is New 90 Day High Low • Mar 07
New 90-day low: JP¥3,480 The company is down 5.0% from its price of JP¥3,650 on 07 December 2020. The Japanese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 4.0% over the same period. Reported Earnings • Jan 30
Third quarter 2021 earnings released: EPS JP¥78.57 (vs JP¥71.58 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥8.66b (down 3.6% from 3Q 2020). Net income: JP¥482.0m (up 9.8% from 3Q 2020). Profit margin: 5.6% (up from 4.9% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings.